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Do you feel comfortable with submitting it yourself? If the answer is yes, go for it! But if you are unsure, it is probably worth the cost of hiring a tax professional. Most people can save money filing their own taxes online, but many regret it when they are incorrectly assessed.

If you, as an individual, earn less than R350 000 for a full year, and from only one employer, with no additional sources of income (eg. interest or rental income), you are not required to submit a return. But do you have a medical aid, retirement annuity, deductible travel allowance? If so, you may qualify for receiving a tax refund, and should definitely consider a voluntary submission.

Many factors determine your final tax liability. Here is a broad and basic guideline:

The current tax rate for a company is 28%, unless it qualifies as a Small Business Corporation with lower tax brackets.

The current tax rate for a trust is 45%.

The tax brackets for individuals are updated every year. For the 2021 tax year, the lowest bracket is 18% on the portion of your taxable income that is below R205 900 and up to 45% on the portion above R1 577 300. This is before deducting applicable tax rebates.

CIPC is the Companies and Intellectual Property Commission, which was previously known as CIPRO, the Companies and Intellectual Property Registration Office. This is the body that governs all registered entities in South Africa.

The payroll function entails payslips issued to every employee along with their payment. The payslip contains the calculation and breakdown of the net salary, bringing into account deductions such as UIF (Unemployment Insurance) and PAYE (Pay As You Earn).

Every employer must register as at the DOL (Department of Labour). A UIF contribution for each employee is then paid to the Unemployment Insurance Fund, and an annual payment is made by the employer to the Compensation Fund, which provides compensation should a worker get injured at work.

If any of the employees earn a salary that is above the tax threshold, it is also important to register at SARS (the South African Revenue Service), where the employees’ tax is paid monthly by the employer, on behalf of the employees. 

Payroll functions are covered by either the finance department or human resources department in most organisations. Essentially, payroll is number-driven and calls for knowledge of tax laws and accounting. At the same time, payroll is also considered a function of HR because it pays and deals with people.